Surf Air Mobility Reports Fourth Quarter and Full Year 2024 Financial Results
Surf Air Mobility (NYSE: SRFM) reported its Q4 and full-year 2024 financial results, showing mixed performance. Q4 revenue increased 5% to $28.05 million, while full-year revenue grew 6% to $119.4 million.
The company achieved a notable turnaround in Q4, posting a net income of $1.3 million, compared to a $111.0 million loss in the previous year. The Q4 Adjusted EBITDA loss improved by 63% to $6.9 million. For the full year, net loss improved by 70% to $74.9 million.
Key developments include securing a $50 million term loan, reducing liabilities by over $42 million, and exiting unprofitable routes saving $4.6 million annually. The company launched SurfOS with six beta users and continues progress on its electrification project with plans for Cessna Caravan certification in 2027.
For 2025, Surf Air expects Q1 revenue between $21-24 million and projects full-year revenues to exceed $100 million, with airline operations targeted to achieve profitability.
Surf Air Mobility (NYSE: SRFM) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. Le entrate del Q4 sono aumentate del 5% a $28,05 milioni, mentre le entrate dell'intero anno sono cresciute del 6% a $119,4 milioni.
La società ha raggiunto un notevole cambiamento nel Q4, registrando un utile netto di $1,3 milioni, rispetto a una perdita di $111,0 milioni nell'anno precedente. La perdita dell'EBITDA rettificato nel Q4 è migliorata del 63% a $6,9 milioni. Per l'intero anno, la perdita netta è migliorata del 70% a $74,9 milioni.
Tra i principali sviluppi ci sono l'ottenimento di un prestito a termine di $50 milioni, la riduzione delle passività di oltre $42 milioni e l'uscita da rotte non redditizie, risparmiando $4,6 milioni all'anno. L'azienda ha lanciato SurfOS con sei utenti beta e continua i progressi nel suo progetto di elettrificazione con piani per la certificazione del Cessna Caravan nel 2027.
Per il 2025, Surf Air prevede entrate del Q1 tra $21 e $24 milioni e proietta che le entrate dell'intero anno supereranno i $100 milioni, con operazioni aeree mirate a raggiungere la redditività.
Surf Air Mobility (NYSE: SRFM) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un rendimiento mixto. Los ingresos del Q4 aumentaron un 5% a $28,05 millones, mientras que los ingresos del año completo crecieron un 6% a $119,4 millones.
La compañía logró un notable cambio en el Q4, reportando un ingreso neto de $1,3 millones, en comparación con una pérdida de $111,0 millones en el año anterior. La pérdida de EBITDA ajustado del Q4 mejoró en un 63% a $6,9 millones. Para el año completo, la pérdida neta mejoró en un 70% a $74,9 millones.
Los desarrollos clave incluyen la obtención de un préstamo a plazo de $50 millones, la reducción de pasivos en más de $42 millones y la salida de rutas no rentables, ahorrando $4,6 millones anuales. La compañía lanzó SurfOS con seis usuarios beta y continúa avanzando en su proyecto de electrificación con planes para la certificación del Cessna Caravan en 2027.
Para 2025, Surf Air espera ingresos del Q1 entre $21 y $24 millones y proyecta que los ingresos del año completo superarán los $100 millones, con operaciones aéreas dirigidas a alcanzar la rentabilidad.
서프 에어 모빌리티 (NYSE: SRFM)는 2024년 4분기 및 전체 연도 재무 결과를 보고하며 혼합된 성과를 보여주었습니다. 4분기 수익은 5% 증가하여 2805만 달러에 달했으며, 전체 연도 수익은 6% 성장하여 1억 1940만 달러에 이르렀습니다.
회사는 4분기에 주목할 만한 반전을 이루어 순이익 130만 달러를 기록했으며, 이는 전년도 1억 1100만 달러 손실에 비해 개선된 수치입니다. 4분기 조정 EBITDA 손실은 63% 개선되어 690만 달러에 이르렀습니다. 전체 연도 기준으로 순손실은 70% 개선되어 7490만 달러로 줄어들었습니다.
주요 개발 사항으로는 5000만 달러의 기간 대출 확보, 4200만 달러 이상의 부채 감소, 비수익 노선 종료로 연간 460만 달러를 절감한 것이 포함됩니다. 회사는 6명의 베타 사용자와 함께 SurfOS를 출시했으며, 2027년 Cessna Caravan 인증을 위한 전기화 프로젝트를 계속 추진하고 있습니다.
2025년에는 서프 에어가 1분기 수익을 2100만에서 2400만 달러로 예상하며, 전체 연도 수익이 1억 달러를 초과할 것으로 전망하고 있으며, 항공사 운영이 수익성을 달성할 것으로 목표하고 있습니다.
Surf Air Mobility (NYSE: SRFM) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024, montrant une performance mitigée. Les revenus du Q4 ont augmenté de 5 % pour atteindre 28,05 millions de dollars, tandis que les revenus de l'année complète ont crû de 6 % pour atteindre 119,4 millions de dollars.
L'entreprise a réalisé un retournement notable au Q4, affichant un bénéfice net de 1,3 million de dollars, contre une perte de 111,0 millions de dollars l'année précédente. La perte d'EBITDA ajusté du Q4 s'est améliorée de 63 % pour atteindre 6,9 millions de dollars. Pour l'année complète, la perte nette s'est améliorée de 70 % pour s'établir à 74,9 millions de dollars.
Parmi les développements clés, on note l'obtention d'un prêt à terme de 50 millions de dollars, la réduction des passifs de plus de 42 millions de dollars et la sortie de lignes non rentables, permettant d'économiser 4,6 millions de dollars par an. L'entreprise a lancé SurfOS avec six utilisateurs bêta et continue d'avancer dans son projet d'électrification avec des plans pour la certification du Cessna Caravan en 2027.
Pour 2025, Surf Air prévoit des revenus du Q1 entre 21 et 24 millions de dollars et projette que les revenus de l'année complète dépasseront les 100 millions de dollars, avec des opérations aériennes visant à atteindre la rentabilité.
Surf Air Mobility (NYSE: SRFM) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Die Einnahmen im Q4 stiegen um 5% auf 28,05 Millionen Dollar, während die Einnahmen für das gesamte Jahr um 6% auf 119,4 Millionen Dollar wuchsen.
Das Unternehmen erzielte im Q4 eine bemerkenswerte Wende und verzeichnete einen Nettoertrag von 1,3 Millionen Dollar, im Vergleich zu einem Verlust von 111,0 Millionen Dollar im Vorjahr. Der Verlust des bereinigten EBITDA im Q4 verbesserte sich um 63% auf 6,9 Millionen Dollar. Für das gesamte Jahr verbesserte sich der Nettoverlust um 70% auf 74,9 Millionen Dollar.
Wichtige Entwicklungen umfassen die Sicherstellung eines 50 Millionen Dollar-Darlehens, die Reduzierung der Verbindlichkeiten um über 42 Millionen Dollar und den Ausstieg aus unrentablen Strecken, was jährlich 4,6 Millionen Dollar einspart. Das Unternehmen hat SurfOS mit sechs Beta-Nutzern eingeführt und setzt seine Fortschritte bei dem Elektrifizierungsprojekt mit Plänen zur Zertifizierung des Cessna Caravan im Jahr 2027 fort.
Für 2025 erwartet Surf Air Einnahmen im Q1 zwischen 21 und 24 Millionen Dollar und prognostiziert, dass die Einnahmen für das gesamte Jahr 100 Millionen Dollar übersteigen werden, wobei die Fluggesellschaften darauf abzielen, rentabel zu werden.
- Q4 revenue increased 5% to $28.05 million, exceeding expectations
- Q4 net income of $1.3 million, improving from $111.0 million loss
- Q4 Adjusted EBITDA loss improved by 63% to $6.9 million
- Secured $50 million term loan improving liquidity
- Reduced liabilities by over $42 million
- Cost savings of $4.6 million annually from exiting unprofitable routes
- Scheduled service revenue decreased 4% in Q4
- Q1 2025 revenue guidance shows potential decline from Q4 levels
- Full-year 2024 net loss of $74.9 million despite improvements
- Q1 2025 expected Adjusted EBITDA loss of $12-15 million
- Aircraft maintenance backlog affecting Q1 2025 performance
Insights
Surf Air Mobility's Q4 2024 results demonstrate encouraging financial progress within their multi-phase transformation strategy. The company reported $28.05 million in fourth quarter revenue, a
While the Q4 net income benefited substantially from a
The forward guidance suggests continued focus on profitability over growth, projecting Q1 2025 revenue of
The development of SurfOS and continued progress on aircraft electrification represent potential future value drivers, though these initiatives remain in early stages with uncertain financial impacts. The company's efforts to separately capitalize these ventures through partnerships could reduce cash burn while maintaining upside potential.
Surf Air's operational restructuring demonstrates a textbook approach to rehabilitating a regional air mobility business. The company's methodical route optimization - eliminating unprofitable segments while strategically leveraging increased FAA subsidy caps - shows sophisticated network planning. Their fleet rationalization strategy, removing inefficient aircraft while adding four new Cessna Caravans, should improve both operational reliability and unit economics.
The relocation of their System Operations Center to Dallas/Fort Worth is particularly significant as it places operational control in a major aviation hub with deeper talent pools. This move, combined with recruiting seasoned Part 135 executives, indicates a focus on operational excellence rather than just financial engineering.
The company's dual-track approach to innovation deserves attention. Their SurfOS platform addresses critical operational pain points in regional aviation - maintenance tracking, crew management, weight and balance calculations - while reducing call center traffic through self-service capabilities. Six beta customers suggests market validation beyond internal use. Meanwhile, their electrification efforts for the Cessna Caravan continue with a viable 2027 certification timeline and customer advisory board participation from Textron Aviation.
The bilateral agreement with Electra Aero to develop electric Short Take-Off and Landing (eSTOL) capabilities represents vertical integration potential, while MOUs for approximately 100 Cessna Caravan electric conversions indicates meaningful future retrofit demand if certification succeeds. The creation of separate ventures for electrification and software development is a prudent approach to segment capital requirements and risk profiles while preserving upside.
While Q1 2025 guidance reflects temporary capacity constraints due to maintenance investments, the projected return to airline profitability in 2025 appears achievable based on the operational levers being deployed.
Fourth Quarter Revenue of
Fourth Quarter Adjusted EBITDA Loss of
Full Year Revenue of
Full Year Adjusted EBITDA Loss of
Company Launched SurfOS with Six Beta Users
“During 2024, we designed and implemented a four phase Transformation Plan, a strategic plan to achieve profitable growth. We will measure our success based on our execution of our Transformation Plan. The first phase, Transformation, has been completed. The entire organization is now laser focused on the Optimization phase with the goal of reaching profitability in our airline operations in 2025,” said Deanna White, Chief Executive Officer and Chief Operating Officer of Surf Air Mobility.
She continued, “The financial results for the fourth quarter and full year reflect strong and deliberate execution against our plan. During 2024, we successfully captured synergies from our merger with Southern Airways, drove efficiencies across our organization, began exiting unprofitable routes, and reduced our general and administrative costs. During the fourth quarter, we secured a
Fourth Quarter Financial Highlights:
Revenue
-
Revenue of
$28.05 million 5% compared to$26.8 million $25.0 million $28.0 million -
Scheduled service revenue decreased by
4% primarily driven by the elimination of unprofitable routes -
On Demand service revenue increased by
39% over the comparable period, which was driven by a mix of higher sales and flight completions
-
Scheduled service revenue decreased by
Net Income/Loss
-
Net income improved by
$112.3 million $1.3 million $111.0 million $60 million $38.9 million -
Adjusted EBITDA loss improved by
$11.5 million 63% , to$6.9 million $18.4 million $5 million $8 million - See the Adjusted EBITDA table for the reconciliation from Net Loss to Adjusted EBITDA.
Full Year Financial Highlights1:
Revenue
-
Revenue of
$119.4 million 6% compared to$112.9 million - Scheduled service revenue was flat with the prior year. Eliminated unprofitable routes were offset by the additions of subsidized route revenue for Williamsport, Purdue and Lanai.
-
On Demand service revenue increased by
28% over the comparable period, which was primarily the result of improved charter sales and increases in completed departures.
Net Loss
-
GAAP Net Loss improved by
$175.8 million 70% , to$74.9 million $250.7 million $60 million $43 million -
Net loss improved by
$110.1 million 60% , to$74.9 million $185.0 million $60 million $43 million
____________________ |
1 Results for the full year of 2023 are pro-forma, which assumes the Company’s acquisition of Southern Airways closed as of the beginning of fiscal 2023. |
Adjusted EBITDA
-
Adjusted EBITDA loss improved by
$6.8 million 13% , to$44.1 million $50.9 million - The results were driven by improvements from exiting unprofitable routes, realized M&A synergies, and lower compensation costs. Adjusted EBITDA includes investment in R&D for electrification and software technology.
- See the Adjusted EBITDA table for the reconciliation from Net Loss to Adjusted EBITDA.
Key Developments and Progress Against the Transformation Plan
During 2024, the Company made significant progress against its Transformation Plan.
Phase 1 – Transformation (2024)
The first phase of the Transformation Plan was completed. The Company:
-
Secured a new
$50M - Extended the maturity of the Company’s secured debt to December 2028
-
Reduced liabilities by over
$42 million 50% of$70 million -
Announced our intent to reduce the potential dilution from share subscription facility by
90% - Appointed Deanna White as CEO and COO and Oliver Reeves as CFO, and Louis Saint-Cyr as COO and President of Hawaii Operations
-
Captured M&A synergies totaling
$6.5 million
Phase 2 – Optimization (2025-2026)
The Company laid the foundation for, and began executing against, the second phase of its plan, Optimization. The Company:
Optimization of Airline Operations
-
Exited unprofitable routes, saving
$4.6 million - Optimized flight schedules to align with fleet strategy and improve reliability metrics
- Leveraged the increased subsidy cap per passenger available under the FAA Reauthorization Act to improve the economics of routes
- Executed components of our re-fleeting plan, including the removal of inefficient and costly aircraft types, and accepted delivery of four new Cessna Caravan aircraft
Recalibrating On Demand Business
-
Completed the incorporation of the SurfOS broker module laying the foundation to optimally recalibrate the business, reduced the On Demand sales team by
50% - Rationalized products with a focus on profitability
Driving Efficiencies from SurfOS
- Announced the intention to form Surf Air Technologies to create a category-defining operating system for the regional air mobility industry powered by Palantir Technologies (NYSE: PLTR)
- Released a new consumer iOS application to improve Surf On Demand’s charter booking and flight management experience
- Launched direct integrations with charter supply partners including Fly Easy and Avinode which allow for improved real-time pricing and aircraft availability
- Overhauled Surf On Demand’s sales and sourcing toolkit, including quote generation, pricing, and automated payment options
- Implemented front-end UX improvements for the Company’s On Demand and scheduled service booking funnels
- Launched direct integrations with CAMP and Veryon software to streamline airline maintenance processes
- Created financial and operational business intelligence dashboards
Phase 4 – Acceleration (2027+)
The Company’s electrification project spans multiple years. During 2024, the Company continued executing against the fourth phase of its plan, Acceleration. The Company:
- Engaged with the FAA on certification planning to complete the Cessna Caravan Supplemental Type Certificate (“STC”) in 2027, which remains on track
- Established a Cessna electrification Customer Advisory Board comprised of representatives from Textron Aviation and key electrification customers from four continents
- Signed MOUs with seven customers to upgrade approximately 100 Cessna Caravan aircraft once the STC is approved
- Entered into a bilateral agreement with Electra Aero to bring eSTOL to the market, incorporate Surf Air technology into joint systems and create a leasing partnership
Current Developments
In 2025, the Company continued its efforts to execute against its Transformation Plan.
Phase 2 – Optimization (2025-2026)
In 2025, the Company’s focus shifted to executing against the second phase of its plan, Optimization. Progress to date includes:
Optimization of Airline Operations
-
Relocating the Company’s System Operations Center (SOC) to the
Dallas/Fort Worth area, one of the most prominent aviation hubs inthe United States - Executing on our re-fleeting strategy by returning five older aircraft to their lessors
- Recruiting seasoned aviation executives to manage Part 135 flight operations
Recalibrating On Demand Business
- Exited several charter products to focus on profitability rather than near-term market penetration
Driving Efficiencies from SurfOS, an AI-enabled software platform for the regional air mobility industry, developed with Palantir
- Entered into agreements with six beta users of SurfOS
- Designed white label apps and frontend websites for certain beta customers to improve direct to consumer distribution
-
Launched self-service flight changes and cancellations via chat, reducing the Company’s call center traffic by approximately
20% - Introduced a mobile crew app that streamlines pilot workflows and time management for the Company’s airline operations, in compliance with FAA regulations
- Launched a weight and balance tool for the Company’s airline operations, in compliance with FAA regulations
Financial Outlook
First Quarter 2025
-
First quarter revenue in the range of
$21 million $24 million -
Adjusted EBITDA loss in the range of
$12 million $15 million
Full Year 2025
The Company is implementing the Optimization phase of the Transformation Plan, which includes the optimization of its airline operations, the recalibration of its on-demand business, and efforts to drive efficiencies through the implementation of the SurfOS operating system. As previously disclosed, the Company has begun exiting unprofitable scheduled routes and is prioritizing profitability over revenue growth.
As a result, the Company reaffirms its expectations that 2025 revenues will exceed
Finally, as previously announced, the company is actively pursuing the creation of one or more joint ventures or partnerships with key vendors to separately capitalize the company’s electrification efforts and its software venture, Surf Air Technologies, that will capitalize on our exclusive agreement with Palantir to power SurfOS, the operating system for regional air mobility.
Conference Call
Surf Air Mobility will host a conference call today at 5:00 pm ET. Interested parties can register in advance to listen to the webcast here or can find a link on the ‘Events & Presentations’ section of our investor relations website.
Alternatively, listeners may dial into the call as follows:
International (Toll) - (646) 307-1963
Conference ID: 4775356
About Surf Air Mobility
Surf Air Mobility is a
Forward-Looking Statements
This Press Release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including statements regarding the anticipated benefits of the credit facility; Surf Air Mobility’s implementation of its transformation strategy; travel trends; developments on key strategic initiatives; Surf Air Mobility’s profitability and future financial results; and Surf Air Mobility’s balance sheet and liquidity. Readers of this release should be aware of the speculative nature of forward-looking statements. These statements are based on the beliefs of Surf Air Mobility’s management as well as assumptions made by and information currently available to Surf Air Mobility and reflect Surf Air Mobility’s current views concerning future events. As such, they are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, among many others: Surf Air Mobility’s future ability to pay contractual obligations and liquidity will depend on operating performance, cash flow and ability to secure adequate financing; Surf Air Mobility’s limited operating history and that Surf Air Mobility has not yet commercialized software platforms for third-party sales or manufactured any hybrid-electric or fully-electric aircraft; Surf Air Mobility’s failure to realize the expected return on its significant investment in SurfOS due to development delays, technical challenges, or lack of market acceptance; the powertrain technology Surf Air Mobility plans to develop does not yet exist; any accidents or incidents involving hybrid-electric or fully-electric aircraft; the inability to accurately forecast demand for products and manage product inventory in an effective and efficient manner; the dependence on third-party partners and suppliers for the components and collaboration in Surf Air Mobility’s development of hybrid-electric and fully-electric powertrains and its advanced air mobility software platform, and any interruptions, disagreements or delays with those partners and suppliers; the inability to execute business objectives and growth strategies successfully or sustain Surf Air Mobility’s growth; the inability of Surf Air Mobility’s customers to pay for Surf Air Mobility’s services; the inability of Surf Air Mobility to obtain additional financing or access the capital markets to fund its ongoing operations on acceptable terms and conditions; the outcome of any legal proceedings that might be instituted against Surf Air, Southern or Surf Air Mobility, the risks associated with Surf Air Mobility’s obligations to comply with applicable laws, government regulations and rules and standards of the New York Stock Exchange; and general economic conditions. These and other risks are discussed in detail in the periodic reports that Surf Air Mobility files with the SEC, and investors are urged to review those periodic reports and Surf Air Mobility’s other filings with the SEC, which are accessible on the SEC’s website at www.sec.gov, before making an investment decision. Surf Air Mobility assumes no obligation to update its forward-looking statements except as required by law.
Use of Trademarks
This release contains trademarks, service marks, trade names and copyrights of Surf Air Mobility and its subsidiaries, and other companies, which are the property of their respective owners.
Footnotes
Use of Non-GAAP Financial Measures: Surf Air Mobility uses Adjusted EBITDA to identify and target operational results which is beneficial to management and investors in evaluating operational effectiveness. Pro Forma Adjusted EBITDA is a supplemental measure of Surf Air Mobility’s performance that is not required by, or presented in accordance with,
Non-GAAP financial measures have limitations in their usefulness to investors because they have no standardized meaning prescribed by GAAP and are not prepared under any comprehensive set of accounting rules or principles. In addition, non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
Surf Air Mobility presents Pro Forma Adjusted EBITDA because it considers this measure to be an important supplemental measure of its performance and believes it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in its industry. Management believes that investors’ understanding of Surf Air Mobility’s performance is enhanced by including this non-GAAP financial measure as a reasonable basis for comparing its ongoing results of operations. Unaudited pro forma financial information for the fourth quarter and year ended December 31, 2023, assumes the acquisition of Southern Airways closed as of the beginning of 2023.
Consolidated Balance Sheets as of December 31, 2024 and December 31, 2023:
| December 31, 2024 |
December 31, 2023 |
|||||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash | $ |
21,107 |
|
$ |
1,720 |
|
||
| Accounts receivable, net |
|
4,257 |
|
|
4,965 |
|
||
| Prepaid expenses and other current assets |
|
8,511 |
|
|
11,051 |
|
||
| Total current assets |
|
33,875 |
|
|
17,736 |
|
||
| Restricted cash |
|
568 |
|
|
711 |
|
||
| Property and equipment, net |
|
42,213 |
|
|
45,991 |
|
||
| Intangible assets, net |
|
23,118 |
|
|
26,663 |
|
||
| Operating lease right-of-use assets |
|
17,046 |
|
|
12,818 |
|
||
| Finance lease right-of-use assets |
|
1,115 |
|
|
1,343 |
|
||
| Other assets |
|
6,123 |
|
|
5,727 |
|
||
| Total assets | $ |
124,058 |
|
$ |
110,989 |
|
||
| Liabilities, Redeemable Convertible Preferred Shares and Shareholders’ Deficit: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
17,976 |
|
$ |
18,854 |
|
||
| Accrued expenses and other current liabilities |
|
45,496 |
|
|
59,582 |
|
||
| Deferred revenue |
|
17,393 |
|
|
19,011 |
|
||
| Current maturities of long-term debt |
|
2,543 |
|
|
5,177 |
|
||
| Operating lease liabilities, current |
|
4,120 |
|
|
4,104 |
|
||
| Finance lease liabilities, current |
|
265 |
|
|
215 |
|
||
| SAFE notes at fair value, current |
|
13 |
|
|
25 |
|
||
| Convertible notes at fair value, current |
|
— |
|
|
7,715 |
|
||
| Due to related parties, current |
|
1,804 |
|
|
25,431 |
|
||
| Total current liabilities | $ |
89,610 |
|
$ |
140,114 |
|
||
| Long-term debt, net of current maturities | $ |
59,883 |
|
$ |
20,617 |
|
||
| Convertible notes at fair value, long term |
|
7,347 |
|
|
— |
|
||
| Operating lease liabilities, long term |
|
11,540 |
|
|
5,507 |
|
||
| Finance lease liabilities, long term |
|
948 |
|
|
1,137 |
|
||
| SAFE notes at fair value, long term |
|
— |
|
|
— |
|
||
| Due to related parties, long term |
|
50,457 |
|
|
1,673 |
|
||
| Other long-term liabilities |
|
24,270 |
|
|
19,426 |
|
||
| Total liabilities | $ |
244,055 |
|
$ |
188,474 |
|
||
| Commitments and contingencies (Note 14): | ||||||||
| Shareholders’ equity (deficit): | ||||||||
| Preferred Stock, |
|
— |
|
|
— |
|
||
| Common stock, |
|
2 |
|
|
1 |
|
||
| Additional paid-in capital |
|
557,444 |
|
|
525,049 |
|
||
| Accumulated deficit | $ |
(677,443 |
) |
$ |
(602,535 |
) |
||
| Total shareholders’ deficit | $ |
(119,997 |
) |
$ |
(77,485 |
) |
||
| Total liabilities, redeemable convertible preferred shares and shareholders’ deficit | $ |
124,058 |
|
$ |
110,989 |
|
||
Consolidated Statements of Operations for the Years Ended December 31, 2024 and December 31, 2023: (in thousands, except share and per share data):
| Year Ended December 31, |
||||||||
|
2024 |
|
|
2023 |
|
|||
| Revenue | $ |
119,425 |
|
$ |
60,505 |
|
||
| Operating expenses: | ||||||||
| Cost of revenue, exclusive of depreciation and amortization |
|
109,934 |
|
|
61,918 |
|
||
| Technology and development |
|
24,041 |
|
|
20,850 |
|
||
| Sales and marketing |
|
7,514 |
|
|
10,028 |
|
||
| General and administrative |
|
29,851 |
|
|
100,669 |
|
||
| Depreciation and amortization |
|
8,341 |
|
|
3,762 |
|
||
| Impairment of goodwill |
|
— |
|
|
60,045 |
|
||
| Total operating expenses |
|
179,681 |
|
|
257,272 |
|
||
| Operating loss | $ |
(60,256 |
) |
$ |
(196,767 |
) |
||
| Other income (expense): | ||||||||
| Changes in fair value of financial instruments carried at fair value, net | $ |
(11,732 |
) |
$ |
(50,230 |
) |
||
| Interest expense |
|
(8,617 |
) |
|
(2,969 |
) |
||
| Gain (loss) on extinguishment of debt |
|
5,398 |
|
|
(326 |
) |
||
| Other income (expense) |
|
12 |
|
|
(3,708 |
) |
||
| Total other income (expense), net | $ |
(14,939 |
) |
$ |
(57,233 |
) |
||
| Loss before income taxes |
|
(75,195 |
) |
|
(254,000 |
) |
||
| Income tax benefit |
|
287 |
|
|
3,304 |
|
||
| Net loss | $ |
(74,908 |
) |
$ |
(250,696 |
) |
||
| Net loss per share applicable to common shareholders, basic and diluted | $ |
(5.80 |
) |
$ |
(44.46 |
) |
||
| Weighted-average number of common shares used in net loss per share applicable to common shareholders, basic and diluted |
|
12,910,341 |
|
|
5,638,128 |
|
||
Unaudited Pro Forma Financial Measures; Revenue, Net Loss, and the Reconciliation of Pro forma Net Loss to Pro forma Adjusted EBITDA for the Quarter and Year Ended December 31, 2024 and the Year Ended December 31, 2023 (in thousands):
| Quarter Ended December 31, | |||||||
|
2024 |
|
2023 |
|
|||
| Revenue | $ |
28,049 |
$ |
26,836 |
|
||
| Net loss | $ |
1,265 |
$ |
(110,994 |
) |
||
| Years Ended December 31, | ||||||||
|
2024 |
|
2023 (Proforma) |
|||||
| Revenue | $ |
119,425 |
|
$ |
112,869 |
|
||
| Net loss |
|
(74,908 |
) |
|
(184,987 |
) |
||
| Quarter Ended December 31, | |||||
2024 |
|
2023 |
|
||
| Net Loss | 1,265 |
|
(110,994 |
) |
|
| Addback: | |||||
| Depreciation and amortization | 2,180 |
|
1,887 |
|
|
| Impairment of goodwill | - |
|
60,045 |
|
|
| Interest expense | 2,948 |
|
1,337 |
|
|
| Income tax expense (benefit) | (192 |
) |
(267 |
) |
|
| Stock-based compensation expense | (20,619 |
) |
16,243 |
|
|
| Changes in fair value of financial instruments | 9,814 |
|
804 |
|
|
| Gain on extinguishment of debt | (5,398 |
) |
- |
|
|
| Data license fees | 3,125 |
|
12,500 |
|
|
| Adjusted EBITDA | (6,877 |
) |
(18,445 |
) |
|
| Year Ended December 31, | |||||
2024 |
|
2023 (Proforma) |
|||
| Net Loss | (74,908 |
) |
(184,987 |
) |
|
| Addback: | |||||
| Depreciation and amortization | 8,341 |
|
8,393 |
|
|
| Impairment of goodwill | - |
|
60,045 |
|
|
| Interest expense | 8,617 |
|
5,083 |
|
|
| Income tax expense (benefit) | (287 |
) |
(225 |
) |
|
| Stock-based compensation expense | (5,976 |
) |
48,252 |
|
|
| Changes in fair value of financial instruments | 11,732 |
|
- |
|
|
| Gain on extinguishment of debt | (5,398 |
) |
- |
|
|
| Transaction costs | 1,246 |
|
- |
|
|
| Data license fees | 12,500 |
|
12,500 |
|
|
| Adjusted EBITDA- Pro Forma | (44,133 |
) |
(50,939 |
) |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250318310168/en/
For Press:
press@surfair.com
For Investors:
investors@surfair.com
Source: Surf Air Mobility Inc.
FAQ
What were Surf Air Mobility's (SRFM) Q4 2024 financial results?
How much did SRFM reduce its net loss in full-year 2024?
What is SRFM's revenue guidance for Q1 2025?
What cost savings did SRFM achieve from route optimization in 2024?
What are SRFM's financial targets for full-year 2025?
